Chicago Apartment Search- Places Are Going Fast!

Did you catch the article in Sunday’s Chicago Tribune?  It was right, smack on the front page of the Real Estate section – Apartment Hunting in a Tight Market.

The article details how apartment vacancy rates are at some of the lowest levels in a decade nationally – around 94 percent in prime buildings in downtown Chicago.  The article also points out that if you are searching for an apartment, you’ll need to act quickly because apartments are going fast.

I’ve had several people ask me about the article, even my dental hygienist this morning asked me if it was true.  Are downtown Chicago apartments really renting that quickly?

My answer is absolutely.  In the past we’ve always advised our clients to take the time necessary to think about which apartment they’d like to rent, but not to wait too long because there was always a chance the apartment might get rented.

Now we strongly urge our clients to make careful, but quick decisions.  It’s not uncommon these days that the apartment you really like will get rented over night – and possibly over lunch.

It’s tough out there.

That’s why it’s more helpful than ever to work with a downtown Chicago apartment finder to help with your apartment search.  Our team at Luxury Living Chicago is up on the latest availability and pricing and will help you feel comfortable choosing the luxury apartment that is right for you.

 

Downtown Chicago Apartment Hunting During the Winter

Photo Courtesy of Chicago Tribune

The early winter months are filled with holiday shopping, family vacations and accepting the fact that you can’t wear shorts anymore.  If you have to move in the middle of the Chicago winter, you know it’s a difficult time to find a great apartment to live.   You would think there are exceptional deals but the winter of 2011-2012 is proving a bit more difficult.  Here are a few reasons why the Chicago apartment search in November and December this year is a tough task:

1.     Apartment prices are still high.  If less people are looking, why are prices so high?  Landlords and property management companies still think they can command summer prices because summer wasn’t that long ago.  Their buildings are still very occupied and with few people moving at this time of year, they remain full throughout the beginning of the winter.   It’s after January that you’ll start to see some good move-in incentives.  This is because people start to move after the first of the year, causing occupancy to rise and the specials to kick in.

2.     Anybody looking in the dead of winter, has to move.  Most people that move in the winter months are coming to downtown Chicago for a new job or school.  They are being relocated and must find housing quick.  This is another reason larger management companies can keep prices high.  They have a captive audience.  Note that if this section applies to you and you do have to move, Luxury Living Chicago is very much in tune with the best options available and can assist in helping you find a great apartment at the best value for this season.

3.     Availability is low.  There just aren’t a lot of apartments available this time of year.  Most of the good ones went at the end of the fall leasing season and current tenants are less likely to move if they don’t have to.  Larger luxury Chicago apartment buildings are willing to do shorter term lease renewals that allow tenants to extend their lease into the busy Spring/Summer leasing season.

4.     Many of the newest downtown luxury Chicago apartment buildings are for sale.  This is a unique situation also contributing to high prices this year.  Many of the newest buildings are for sale or under contract and they have promised investors a certain rent per unit.  If they started to give mass concessions and lowering rents, investors may back out and the buildings won’t sell.

While I don’t expect the newest luxury buildings will be giving away the house come late winter/early spring, I can pretty much guarantee it will be better pricing than what you see right now.  Hang in there.  Make it through winter and look forward to renting that brand new luxury apartment this spring.

Luxury Chicago Apartment Prices Finally Coming Down—Too Bad Leasing Season is Over!

It took about a year but we are finally starting to see some price decreases and increased concessions again in the luxury Chicago apartment market.  Buildings like Flair Tower and Parc Huron, two of River North’s premier and newest luxury rental buildings have steadily been increasing their rental prices since they opened in Spring 2010.  Both properties reached almost 100% occupancy and were asking rents of $2200 for 1 BRs and $3200 for 2 BR…and people came in droves!

Now, the slow season has hit and prices are falling.  The same 1 BR at Flair that was leasing for $2105 is now $1895 and the 2 BR are under $3000 again.   If you are looking for the best value, late fall and winter is the time to move…if you can handle snow!

Start your Chicago apartment search with Luxury Living Chicago today by browsing through our inventory of apartments.  We have the most up to date pricing and availability.

Apartment Finding For A Cause: Common Threads

I have a passion for helping people.  That’s partly why I’m in real estate.  I love helping people find their new home.

This year, I had a new goal for Luxury Living Chicago.  As a small business owner, I wanted to give back to the Chicago community. A community that has given so much to me.

A charity close to my heart is Common Threads, a non-profit that educates low-income children about the importance of nutrition and physical well-being.  I’ve volunteered with the organization for the last five years helping out in the after-school programs and attending fund raising events.

But I wanted to do more. I wanted to combine my love for my business with my involvement in Common Threads.

For every apartment rented in 2011, Luxury Living Chicago will donate a portion to Common Threads with a goal to raise $15,000. That is the amount needed to sponsor a 10-week after school cooking session for local Chicago children.  The after school program teaches kids ages 8-12 basic kitchen skills, cooking techniques and the importance of fresh ingredients while preparing healthy ethnic cuisine.

To kick-off the program, Luxury Living Chicago hosted an event at Mercadito in River North.  We invited our clients, building partners and industry friends to encourage participation in our charitable efforts.

For more information on how we are giving back, to check our progress, or to donate, visit our charity page!

It’s All In The Details – Apartment Search Criteria

Finding the right luxury apartment in Chicago can be simple, especially when you know what you are looking for in your next apartment.

Communicating what is important to you will help Luxury Living Chicago narrow your search.

With a few simple details, we can comprise a short list of properties for you to view and choose from.

Here are a few examples of questions we ask our clients to tailor their search:

- When is your move date? Move date is important because apartment availability changes daily. We do not want to waste YOUR time showing you units that aren’t available for your move date.

- What is your price range? Price is very important. It will dictate everything from the size of your apartment to the type of building in which you live.

- Do you have pets? Not all properties allow pets, specifically dogs. If you have a dog (especially a large dog), there are only a handful of buildings that you can choose from.

- Do you have a roommate? Not all two bedrooms are created equally. If you are living with a roommate, you’ll want enclosed walls and equal sized bedrooms.

You’ll find that when you speak with our downtown Chicago apartment finders, they will ask you very specific questions. The more information you can provide the better.

Our leasing consultants are very knowledgeable about all the downtown luxury buildings – from what’s included in the rent down to individual floor plans and unit layouts. This ensures that you are touring the right properties and not wasting time and energy.

Before you contact Luxury Living Chicago, make sure you have all your ducks in a row. It will help you find the luxury apartment of your dreams.